The Paypal payment giant will start offering customers a return on its owner stablecoin product.
According to a new Bloomberg report, Paypay plans to offer rewards to users of their USD Paypal Stablecoin (Pyusd) as a means of increasing its use.
The report indicates that the program should be launched in the summer, although no specific date has been mentioned, and would allow Paypal and Venmo users to win 3.7% per year on Pyusd Holdings in their cryptographic wallets.
The awards – which accumulate daily and are paid monthly – will be paid in Pyusd that customers can then convert to fiduciary currency, use for payments or send to other users.
Jose Fernandez Da Ponte, main vice-president of Paypal and director general of blockchain, Crypto and Digital Currency, said to Bloomberg in an interview that the company’s objective was to encourage the use of Stablecoins as a payment on his platform.
“We consider Stablecoins as building the next generation of payment rails, but we know that it is something that takes time. We are halfway (through) a 10 year trip. ”
Pyusd was launched in 2023 in collaboration with the Stablecoins Paxos transmitter, which indicates that the token reserves are 100% owned in deposits in American dollars available for buyout 1: 1.
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